652: $150k Renting Out Dresses as a Side Hustle

Summary

Podcast Summary: The Side Hustle Show - Episode 652: $150k Renting Out Dresses as a Side Hustle

Release Date: January 23, 2025
Host: Nick Loper
Guest: Summer Fisher (@theprofitcollective)

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Introduction

In Episode 652 of The Side Hustle Show, host Nick Loper delves into the innovative business model of renting out dresses as a lucrative side hustle. Joining him is Summer Fisher, known as @theprofitcollective on Instagram, who transformed her initial modest earnings into a substantial $150,000 in rental income over the past year. This episode explores the intricacies of her business, from inception to scaling, offering valuable insights for aspiring entrepreneurs.

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Starting the Dress Rental Business

Nick Loper opens the discussion by highlighting the initial success Summer experienced:

“That came from just two customers, but it was enough traction to know that she was onto something.” ([01:03])

Summer Fisher shares her journey:

“I started by putting up two dresses, and that was in October of 2022. One day, I was sitting in my car at my daughter's cheer practice and one of them rented...” ([03:40])

Initially a traditional reseller, Summer pivoted to rentals upon discovering the market potential after a model approached her with the idea. This shift allowed her to double-dip her revenue by both renting and selling dresses.

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Sourcing and Inventory Management

Nick probes into how Summer sources her dresses:

“I buy at retail now, but I use strategies to get a percentage off when I buy...” ([07:35])

Summer emphasizes the importance of acquiring dresses at a discount to ensure profitability:

“I'm getting 20% off retail. I'm renting it five, ten times and then I'm actually selling it still for more than I paid for...” ([07:35])

She utilizes currency and geographical arbitrage, purchasing dresses cheaper in Australia and reselling or renting them in higher-demand markets like the US and UK.

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Logistics and Operations

Managing physical inventory is a significant aspect of the business. Summer discusses her setup:

“I have a converted double garage that I converted. This was my office for the model agency, and now it's my reselling rental room...” ([27:21])

She highlights the challenges of scaling, such as keeping track of 200 dresses without a sophisticated inventory system. Initially, she used Notion and spreadsheets but found them insufficient as her inventory grew, leading her to employ an assistant for better management.

Handling logistics involves:

• Receiving and Sorting: Morning routines include sorting incoming rentals and preparing them for cleaning.
• Cleaning: Preferably using washing machines over dry cleaning to reduce costs.
• Packaging and Shipping: Afternoon tasks involve packaging dresses and dropping them off at the post office.

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Marketing Strategies

Summer leverages existing rental marketplaces to tap into validated demand rather than building her own audience from scratch. These platforms provide built-in traffic and customer bases, allowing her to focus on listing optimization:

“The listings are like so easy. So much easier than like eBay...” ([39:00])

Key marketing practices include:

• Listings: Utilizing stock photos from company websites instead of personal photos.
• Keyword Optimization: Emphasizing brand names as customers often search for specific brands influenced by celebrities and influencers.
• Timing: Being the first to market with new styles to secure bookings ahead of competitors.

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Financials and Profitability

Summer explains her pricing strategy based on the retail value of dresses:

“The absolute least amount would be $80. But I have like four dresses that are about two and a half grand retail each. And I rent those for $350 per rental.” ([11:51])

Her goal is to recoup her investment within three to four rentals. By sourcing dresses at a discount and leveraging high-demand brands, she ensures profitability even after accounting for potential wear and tear.

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Challenges and Risk Management

Renting physical items introduces several risks:

• Damage and Loss: Managing claims and repairs can be time-consuming. Summer chose to self-insure to avoid the complexities of platform-provided insurance, which often requires extensive documentation.
• Customer Reliability: Dealing with renters who may not return dresses on time or return them damaged. Summer recounts an incident involving a scammer who rented dresses from over 20 customers, highlighting the importance of community and vigilance.

“I've been pretty lucky with the post. I think I've maybe had one thing go missing ever.” ([21:34])

To mitigate these risks, Summer:

• Dry Cleans Selectively: Only about 20% of dresses require dry cleaning to preserve profit margins.
• Manage Expectations: Educates customers that dresses are pre-worn, setting realistic expectations to minimize dissatisfaction.

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Scaling the Business

As the business grows, Summer emphasizes the importance of efficient inventory management and delegation:

“When I had 350 dresses, I did employ someone. Like, I just had an assistant...” ([26:32])

She advises:

• Focus on Demand: Prioritize dresses that rent quickly and consider the longevity of materials.
• Diversify Inventory: Offer a range of sizes and styles to cater to a broader audience.
• Automate Where Possible: Although niche, exploring inventory management software could streamline operations as the business expands.

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Advice for Aspiring Entrepreneurs

Summer imparts her top advice for individuals looking to enter the dress rental market:

“If you think you can or you think you can't, you're right.” ([45:03])

Key takeaways include:

• Overcome Self-Doubt: Believe in your ability to execute the business model.
• Leverage Existing Platforms: Utilize established marketplaces to reduce the burden of marketing and customer acquisition.
• Start with Minimal Investment: Options like consignment models or leveraging return policies help mitigate initial costs and test market demand with low risk.

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Conclusion

Summer Fisher's venture into dress rentals demonstrates a compelling model of leveraging existing side hustles to create multiple revenue streams. By strategically sourcing inventory, utilizing validated marketplaces, and managing logistics efficiently, she has built a profitable business that generates substantial rental income. Her journey offers invaluable lessons on scaling, risk management, and the importance of mindset in entrepreneurial success.

Final Quote from Summer Fisher:

“Whether they think they can or they think they can't, they're right. Because I had a girl who messaged me just yesterday actually, and she said, I would love to do what you do, but I live in Italy and it's a really small market here. And I so I looked up the population of Australia and Italy and I said, actually you have double the population of Australia, so that's not an excuse.” ([45:03])

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Additional Resources

Listeners are encouraged to download a free PDF listing 25 unconventional rental ideas from the show notes, providing further inspiration for diverse side hustles. Additionally, recent episodes featuring unique rental businesses, such as a moving box rental service and a mobility scooter rental business, serve as additional case studies for aspiring entrepreneurs.

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For more detailed insights and actionable tips, visit SidehustleNation.com and follow Summer Fisher on Instagram @theprofitcollective.

Transcript

[Host]

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[Nick Loper]

$150,000 renting out dresses what's up? What's up? Nickeloper here. Welcome to the Side Hustle show. Because your 9 to 5 may make you a living, but your 5 to 9 makes you alive. Now here's a side Hustle that earned just 160 bucks in its first month. That came from just two customers, but it was enough. It was enough traction to know that she was onto something. Since then, my guest has scaled to over 200 different garments, bringing in 150 $50,000 in rental income last year. She is he profit collective on Instagram. Summer Fisher welcome to the side Hustle Show.

[Summer Fisher]

Thank you. Thanks for having me.

[Nick Loper]

You bet.

[Host]

Stick around in this one.

[Nick Loper]

We're going to learn how this business and the math behind it works, the delivery and logistics piece behind moving clothing all around the place, and some of the marketing best practices that you can follow along if you want to start something similar.

[Host]

Now.

[Nick Loper]

You know I love a fun rental business, but dresses certainly aren't the only thing that you can rent out for a profit. Which is why I've put together A list of 25 other unconventional things that you can make money renting out that is yours free to download at the show Notes for this episode. Just follow the link in the episode description and it'll get you right over there. Now, Summer, my understanding is you started as a more traditional reseller. Like, go to the thrift shop, find the brand name designer type of stuff that you think is undervalued and. And flip it. Buy low, sell high. Yeah, simple. So what inspired the shift to the rental business?

[Summer Fisher]

Well, I'm actually still reselling, and it is actually probably still a bigger part of my business.

[Host]

Oh, okay.

[Summer Fisher]

Yeah. So I saw an opportunity for the renting. So what happened is I've had a model agency for 15 years that started as another side hustle, which is a story for another day. And I was in my agency one day and a girl came in. One of the models came in and said she was starting a dress rental business. And I was like, what's that? I didn't understand. I was like, what are you talking about? She's like, oh, yeah. We just put some dresses together, my friend and I, and we're going to rent them online. And I thought, okay. And I just thought they were going to rent them on, I don't know, Facebook, Marketplace or Depop or something like that. And I looked into it and I realized there's this whole industry around dress rentals. And I thought, oh, I want to try this. And I was already kind of flipping dresses on the side and had built a whole business around that as well. And so I decided I just put up up all the dresses I had. Actually, first I put up two dresses, and that was in October of 2022.

[Nick Loper]

Yeah.

[Summer Fisher]

And then one day I was just sitting in my car at my daughter's cheer practice and one of them rented and I got a notification that had rented, and I was like, oh, my God, I just rented a dress. But, like, now what do I do? I didn't really understand it and I just kind of went all in. So I kind of worked it out as I went along, and then I ended up putting all the dresses up then that I had been flipping, and it kind of grew from there. And then I started buying dresses specifically to rent. So, yeah, okay.

[Nick Loper]

I love this. You know, side hustles on side hustles, Right? What am I already doing? How could I add a new revenue stream to this? And this is really interesting. It's like, well, I'll have it listed up for sale, and in the meantime, until it sells, hey, maybe I can make some revenue. I can recoup some of that cost on the rental side. I think that's really interesting.

[Summer Fisher]

Yeah, exactly. It's like a double dip profit strategy is What I call it. So basically you're making the money from flipping the item, but in between you're also making the money from renting it.

[Nick Loper]

What happens when somebody wants to buy it and you're like, well, I can't ship it out fast. Yeah, I'm going to need to wait for it to get back.

[Summer Fisher]

When it rents, I do take it off from being available for sale. Yeah.

[Nick Loper]

Oh, okay. So those first couple you get that notification, hey, somebody wanted to rent this thing. There was a marketplace that had some existing demand of renters versus you trying to build an audience, build a following, build a two sided marketplace where it's.

[Host]

Like, hey, rent from me.

[Nick Loper]

It's like, no, no, no. There was already some existing validation and demand for it.

[Summer Fisher]

Yes, definitely. Yeah. There's online sites where you can rent dresses basically. So they're different in every country. So for us in Australia there's a site called the Vault, a big one in the US and the UK is by rotation. So there's several of these type of websites and they're kind of peer to peer lending so you can put up your own wardrobe or like I do run it as a business and rent to other people.

[Nick Loper]

There was one like bag borrow or steal. Is that one or is that just like for buying handbags? I don't know if it was a rental service too. I'm trying to think of like the last.

[Summer Fisher]

You can rent bags on these sites as well.

[Nick Loper]

Okay. Do you play around in that space or strictly dresses?

[Summer Fisher]

No, I don't really because their bags are really expensive to buy and I just. Because I self insure all my items. I just don't want to play with that.

[Nick Loper]

Right, right, right.

[Summer Fisher]

Yeah.

[Nick Loper]

What's a sweet spot for cost of acquisition like brand style? And there's a lot of different factors that must go into the purchase side of it to decide, well, what, what.

[Host]

Might there be demand for?

[Summer Fisher]

It's quite nuanced. So it will depend on. It's like the intersection of brand, style, size, all these things that kind of come together to get a dress that's in demand. I would say that as opposed to when I'm reselling, when I'm renting, it does need to be a fairly recent style like within the last 18 months. But definitely. But usually even within the last six months. Is that will be like the most popular styles, whereas when I'm reselling that's not as relevant.

[Nick Loper]

Okay.

[Summer Fisher]

And then a lot of it will be like, did a celebrity wear it? Is it the color of that season? You know Is it winter or summer? I rent a lot to wedding guests, so a lot of, yeah, people who are going to weddings and just are going to wear that item once. So there's a lot of that with the sizing. You do have to look at the market. So a lot of like girls in their early twenties will get into dress rentals and they will tend to rent those smaller sizes. And I've found pretty good success with renting like slightly like mid sizes, I guess it would be called. So yeah, just slightly larger, not the teeny tiny sizes. So yeah, but it does depend on the brand too because some of those brands do do better, really small sizes.

[Nick Loper]

And are you still trying to source this stuff secondhand or are you now comfortable? So I could buy it off the rack, I can buy it new to rent and then you kind of like a car rental business.

[Host]

Like I'm going to rent it out.

[Nick Loper]

For a year, then I'm going to resell it.

[Summer Fisher]

Yeah, I would say that mostly I buy at retail now, but I do use all the strategies to try and get like a percentage off when I buy it so that when I at the end of the rental, when I go to flip it, I'm actually making money both ways. So I'm getting 20% off retail. I'm renting it, you know, five, 10 times and then I'm actually selling it still for more than I paid for it, even though it's pre loved because it's such a new and hot and in demand item. And I'm also using things like the currency arbitrage and the geographical arbitrage of being in Australia where I can get, you know, something like a Zimmerman dress a lot cheaper and sell it to someone in the U.S. yeah, you're going.

[Nick Loper]

To be throwing out brand names that go way over, like, all right, I'll take your word for it. But if you're in that space, if you know what is, what is hot, what is in style, and yeah, you can absolutely play around with that. And so for the rental side is imagine it's got to be local. Like you're not going to ship something halfway around the world for a rental, are you?

[Summer Fisher]

So the majority of my reselling is actually like, I sell a lot to the US and the UK and probably more than Australia. But with the renting it is, yeah, only in Australia. So I do it pretty much all of it is by post. So I do allow pickups sometimes. I don't love people coming to my house and picking up the items. But sometimes if it's a bit slow. I'll let people come and pick it up. But you get the problem that if they pick it up, they will like, oh, what else have you got? You know, can I try it on? And all this type of thing. And yeah, I don't like that.

[Nick Loper]

Like, no, no, no, this is, this is the one you ordered. Here, here. Here you go.

[Summer Fisher]

Yeah.

[Nick Loper]

So inspired to do it. A model at the modeling agency was like, hey, I'm getting into this. You're like, well, you know, there might be something else here. There was some existing, you know, proof of concept.

[Host]

Right.

[Nick Loper]

These marketplaces already existed and you had the confidence to say, well, I could add my own listings to this. Was there a point of, you know, market saturation if, you know, 10 providers all have the same thing? And like on that busy summer, I guess it's so fluid, like the busy summers, you know, wedding season, where, you know, different people want different styles and different sizes at the time. It's hard to imagine it being like, so overstocked, overcrowded.

[Summer Fisher]

Yeah. I think that it's like, even if 20 people have the same dress, there could be easily 20 people that want to rent that dress. Especially like, if it's very in demand. And you just got to do your research when you're choosing what dresses you want to want to rent, because you don't want to pick a size that like everyone else is renting that size. Usually you can find a size that, you know, only one or two people have and then just go buy a size that size for yourself.

[Nick Loper]

Got it. So it's okay to have the same style that other people have, but maybe try and fill in the gaps on some sizes that you don't find readily available.

[Summer Fisher]

Or you want to be first to market. Like, you want to be the first one to have it, get it listed. Then you'll get all the bookings and you'll get bookings months in advance. So it'll be booked out before anyone can get their item up.

[Nick Loper]

Are there any demand tools, like number of customer reviews or do these platforms show you like, oh, this was, you know, rented out eight times in the last two months, like something like that to say, well, okay, clearly I should go buy one of those.

[Summer Fisher]

Yeah, there is. In Australia, there is a site which I don't rent on for other reasons. It does do those little pop ups that says this dress was just rented. So you can definitely use that to see what's being rented. But it's not like reselling where on ebay you can, like, look at recent solds, or you can use a product research tool to look up what's selling. There's nothing like that. Yeah, there's no. You've really. It's quite like, laborious. You've got to go through other people's calendars and see what bookings they've got to see how in demand it is. So, yeah, at first you've got to do quite a bit of research.

[Nick Loper]

Got it. And then you got to learn the ins and outs. Like any business, once you, once you're in it, you can't see it any other way.

[Summer Fisher]

Definitely.

[Nick Loper]

But from the outside. Okay. I like this little trick of like, oh, okay, you know, it's booked up the next three weekends. It must be in demand.

[Summer Fisher]

Yeah.

[Nick Loper]

A friend of ours used to do this for a wedding. And like you said, like mid late 20s, like peak wedding attendance season. We're sick of wearing the same thing over and over again. So she tries something new. And like, how much does it cost to rent a dress these days?

[Summer Fisher]

The absolute least amount would be $80. But I have like four dresses that are about two and a half grand retail each. And I rent those for 350 per rental.

[Nick Loper]

Like, you have to pull my jaw off the floor. Like 2,500 for like. I've heard of wedding dresses. Yes. Costing that much, but just like a regular, regular dress. This shows you how much I know about fashion.

[Summer Fisher]

It's really beautiful, Nick. It's really beautif. Beautiful dress.

[Nick Loper]

I'm sure it is. The last article of clothing that I rented was a tuxedo for CD prom. Like, and it was. I don't even remember how much it was. It was probably 80 bucks, but yeah. Okay. So obviously the higher retail price, the more you can command on the, on the rental side. Absolutely, definitely. And that's helpful to have a range of 80 to like350.350 per rental. Is there a rule, like, you know, a percentage of the retail price or something like that that you go by?

[Summer Fisher]

Yeah, I think like, generally you want to your money back within three to four rentals. But if I had have paid full price for like that dress that's worth two and a half thousand dollars. Obviously I wouldn't have made that back in full rentals. But there's a way to find usually 10, 20% off, at least on full retail when you're buying something. So once you've done that or you buy it secondhand, then usually you can get your money back. Sometimes I'll get my money back with one Rental if I'm buying it Pre Love, you know, I might see it pop up on ebay or depop and I'll get my money back in one rental.

[Nick Loper]

Gotcha. Do you have brand name alerts that ping you when. Oh, such and such inventory just got listed. I need to go and check it out.

[Summer Fisher]

Well, because I'm already reselling as well and that's quite a big income stream for me. I'm sourcing every day, constantly on the lookout. I'm there when it comes up. I'm ready. So. Yeah, for sure. But I do have saved searches that I look through and I suppose you.

[Nick Loper]

Could just start with if you have some existing dress inventory. I'm thinking of my wife's class. She had dresses in there she hadn't worn in years.

[Summer Fisher]

Yeah.

[Nick Loper]

And who knows? Like, I don't know. I have no concept of what the brands are, but maybe it's a timeless style that people would be searching for. Like, is that branded keyword type of search? Like, how important is that in your listing on the marketplaces? Like, are people looking specifically for that brand? Or could you describe it more as like a, you know, a green, a line, something. Something strapless? I don't know. Keyword. Keyword, Keyword.

[Summer Fisher]

Yeah, it's, it's heavily brand dependent. People go on, they know what they want. They know what dress they want probably 80% of the time, maybe 90% of the time.

[Nick Loper]

Okay.

[Summer Fisher]

You know, they've seen it come up in the campaign photos or whatever. Some celebrities worn it and influencers put it on their Instagram. They're like, I want to wear that dress and they go looking for it. So, okay, yeah.

[Nick Loper]

What brands do you like for us in Australia?

[Summer Fisher]

And actually a lot of these brands kind of are the same ones as in the US or uk, but like the Australian kind of based brands, brands like Zimmerman age or age, if you like to be fancy and say it that way. Orison is a big one for me. Alame. Alame is probably the biggest brand that I rent. It's only been around a couple of years, but it's kind of in that style of Zimmerman as well. So, yeah, they're the kind of brands, I guess.

[Nick Loper]

All right, well, it's all foreign to me, but it's, it's helpful to know. I mean, you could go on, I imagine, any of these marketplaces and see.

[Summer Fisher]

Yeah.

[Nick Loper]

Where the demand seems to be. So that makes sense.

[Host]

More with Summer in just a moment, including her rental marketplace listing, best practices, plus some of the logistical considerations and things that can go wrong when you've.

[Nick Loper]

Got this type of physical inventory business right after this.

[Host]

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[Nick Loper]

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[Host]

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[Nick Loper]

Aside from the marketplace, and maybe on the marketplace, other listing best practices. Are you modeling the photos? You're tapping into people from the modeling.

[Host]

Agency to, like, take these dress photos for you?

[Nick Loper]

Like, what. What goes into a good listing? How am I going to stand out against everybody else who's already been on there?

[Summer Fisher]

Yeah, well, it's really different to reselling. So with reselling, you know, I'm trying to position an item to show its value by using campaign photos where I can, and stock photos and then using certain photo to, like, show that perceived value, I guess. And with renting, it's really. No one uses their own photos. They just use stock photos. So it's literally just screenshotting three stock photos from the company's website and putting it up. There's no modeling involved.

[Nick Loper]

Okay.

[Summer Fisher]

My modeling days are long gone. I have three kids, so, yeah, I'm not going to be modeling any clothes.

[Nick Loper]

Fair enough. You could probably get, like, customer pictures back at some point. I don't know. But, like, that's not important.

[Summer Fisher]

If you're using Instagram as a rental platform, which a lot, A lot of people do. So a lot of people will just rent straight off people's Instagram profiles. Then they will use a lot of, like, customer photos and things like that, for sure.

[Nick Loper]

So this would be trying to create your own demand, like build up an influencer profile and, you know, hey, if you like my style, you can actually rent this thing. If you're. If you happen to be the same size as me, you can rent it.

[Summer Fisher]

No, they're just rental companies. So they just say, like, you know, XYZ rentals. And then they'll go into maybe the Facebook groups online and say, I'm, I'm renting these dresses if anyone wants to come to my Instagram. And then the customers will just message them, and then they just facilitate the transaction that way. And so they're not paying the rental platforms a commission.

[Nick Loper]

What's a typical commission fee?

[Summer Fisher]

I think it's like 16.5% is what we pay on the vault. I assume it's similar on the other ones internationally.

[Nick Loper]

Yeah, it's not much for the level of demand that they had to create. The marketing that they're doing for you, the transaction they're facilitating.

[Summer Fisher]

Yeah, they actually do the majority of the customer service too. So, yeah, they have customer service people. Everything goes through customer service. So does take the burden off a little bit that way.

[Nick Loper]

Is there a strategy in Syndicating the listing. Like if there are multiple platforms, like, well, I might as well put it on Facebook Marketplace and offer up and you know, I might. And ebay, like, I'm going to syndicate it or is it like. No, no, no. I want to be. I want to focus all my energy onto this one, like vault platform, for example.

[Summer Fisher]

Yeah. I was using a second platform a lot when I first started and I did get to like 350 dresses and I had them on two platforms and things. I was trying to like not have crossover, but there definitely was crossover. And then so people were getting unhappy because the dress wasn't coming back in time from one platform and it was just like getting really messy. So I decided to ultimately just rent on one platform. But if, I think if you had a small inventory, you know, 50 dresses or something, you could definitely probably manage that a lot more easily. It was just. I had too many dresses to kind of. Yeah. Keep track of everything.

[Nick Loper]

Yeah. Well, there's your next side Hustle is the inventory management software for rental business.

[Summer Fisher]

Oh my gosh.

[Nick Loper]

It's like a very niche software, like to manage the listings. Oh, it got rented out. I better take it down off of this other platform.

[Summer Fisher]

Yeah, I did create like a notion, you know, database type thing. I did have that going. But I think there's so much like human element involved. It's really hard. Like if someone's just like, oh, I just forgot to post address back and then you're just like, there's like nothing you can really do about it. You could charge them late fees but you know, you still don't have the dress and you need the dress.

[Nick Loper]

Yeah, yeah, I had, I promised that to the next customer.

[Summer Fisher]

Yeah.

[Nick Loper]

And so there's an element of logistical challenges anytime you're moving physical inventory around.

[Summer Fisher]

Yeah.

[Nick Loper]

But what have you found here in terms of sticking it in the mail and making sure it doesn't get damaged in transit. And you said self insured. So like if it shows up, somebody makes a claim like, oh, it was torn or it smelled bad or it didn't fit. Like there's all sorts of things that could go wrong.

[Summer Fisher]

Yeah, there is a lot of things that can go wrong. Especially I've noticed a lot more than reselling. Like there is. Yeah, there's more things that go wrong with the renting. I've been pretty lucky with the post. I think I've maybe had one thing go missing ever. So that's been good. A lot of these platforms do offer insurance and you Pay, you know, five, $10 per, per order to have that insurance. And I did do that early on, but I found that self insuring was the way to go because they make you jump through so many hoops to claim on that insurance. They want you to go to two separate dry cleaners and get stat decks from those two, you know, separate dry cleaners. And then they want you to go to a seamstress and say, get the stat deck from them to say that it can't be fixed. And then you just gotta. It's like providing all this evidence and it just is very time consuming and it just wasn't worth it in the end for me. So I decided to just, just self insure. You get a lot of people who just don't want to send it back. They go, oh, but I'll buy it from you. And I'll be like, no, it's actually not for sale. I've got like 10 rentals coming up on it. So you can't have it. So you get a little bit of that.

[Nick Loper]

So what happens in that case? Or what do you do? Like, do you. I mean, eventually it's like the late fees at the library where, you know, I can't afford to return this book because I can't afford to pay the late fee or something. But at a certain point you just need it back.

[Summer Fisher]

Yeah, well, I guess a lot of girls, if they really, really want the dress, they'll take the late fees up to the maximum amount and then they get to keep the dress for like. Because a lot of these dresses that people want are like completely sold out. And I think that's one of the biggest drivers is that they, they would buy it, but they can't, so they have to rent it. I did have one case, it was crazy. I had this girl, it was, and this was like in the first couple of months when I started, she rented a dress from me and she came and picked it up from my house and I just like have a hook on my front door. So I put the dress in a garment bag and they can just come pick it up. And she came, picked it up and then four days later it was time to bring it back and the dress didn't come back. And like the next day I, you know, sent her a message, can you bring it back? And she ghosted me a bit. And then I text her and I'm like, can you bring the dress back? And she said, oh, you know, oh yeah, I'm bringing it back. And then all these excuses started and then I got my dad's terminally ill and my car broke down and like all these excuses day after day. And then I was on a Facebook group one day for one of the brands and someone was saying, does anyone know this girl? And it turns out it was like this whole scam that she was doing to lots of renters. And we all got together and tried to take it to the police. And eventually this took like six months of going to the police. She did get charged because she'd done it to so many people. Like more than 20 people.

[Nick Loper]

Wow.

[Summer Fisher]

But, yeah, she said, I'll meet at the police station and give everyone their dresses back. And then of course, she never showed up. It was like a whole thing. So. Yeah.

[Nick Loper]

Wow.

[Summer Fisher]

There's some crazies out there, I can tell you that.

[Nick Loper]

Yeah. Anytime you're dealing with the public, you open yourself up to random stuff you never probably would have considered a couple years ago getting started. But you're like, why can't people just be decent to each other? I don't know. Bothers me, but for the most part, send it off in the mail. They send it back. Is customer responsible for cleaning or I'm not going to introduce that wild card. I'm going to go clean it myself when it gets back.

[Summer Fisher]

So the platforms like to say that you have to dry clean everything, but I learned pretty fast that that was going to eat a lot into my profit margin. So I probably dry clean about 20% of the clothes because they can only be dry cleaned. And that's not by what's on the tag because most clothes will say that they can only be dry cleaned. But really there's probably not that many that actually have to be dry cleaned. But that has come into sourcing more and more now is that I try to source items that can just be put in the washing machine and hung out to dry. I don't like to get things that need, you know, very specific dry cleaning anymore. No matter how much, you know, I could make. It's just not worth the effort.

[Nick Loper]

Yeah. Do they have to be ironed afterwards? You have a team member who comes over and like irons this stuff. It's like my least favorite activity.

[Summer Fisher]

I iron it. It's. It's not too bad. It's like I said, like, some of the stuff that's dry cleaned obviously comes all ready to go. And then, yeah, it's more just like the linen pieces and I'll just give them a quick iron. But what I don't. I'm not like, pedantic about it because Ultimately, you're putting it in the post, and it's going to get crushed on the way anyway.

[Nick Loper]

Sure, sure.

[Summer Fisher]

So you're just giving it a quick, you know, just so it looks nice, but the customer's going to iron or steam it when it gets to them anyway, so. Yeah, fair.

[Nick Loper]

Okay. Now, with a couple hundred of these garments coming in and going out at any given time, and I imagine there's some seasonality to it, but like, any tools or tech or inventory management system, complex spreadsheet or account. Like, you mentioned the notion template, like, what's. What's going on on the. Trying to figure out. In my mind, it might be weeks before I even notice that something hasn't gotten returned. Like, it seems like you gotta be on top of it because, like, oh, shoot, I owe this to another customer next week.

[Summer Fisher]

Yeah, definitely. Like, when I had 350 dresses, I did employ someone. Like, I just had, like, an assistant, and she was ticking off dresses as they come in. Yeah, we tried notion. We tried spreadsheets. It's really. It's really, really hard when the inventory gets big. It's really hard to keep track of. But now that I have around 200dr. Dresses, it's actually not too difficult to keep track of. I think you just. It's like, I guess if you're a teacher and you know your students, it's like, I know my dresses. I know what's missing. I'm like, hey, that dress is missing. Where is that dress? I'm not super, like, rigid in, like, ticking things off and that I probably should be, but usually you find out you don't have it if it needs to go back out again, too. And you're like, oh, where is that dress?

[Nick Loper]

And I see some of them stored behind you in the video closet space, spare bedroom space that where they're being stored.

[Summer Fisher]

Yeah. This is a converted double garage that I converted. This was my office for the model agency, and now it's my reselling rental room, I guess. So I have a wall to take my photos for the reselling. And then, yeah, just keep everything in here on racks. You could easily keep it just in a small bedroom, though. Probably. Yeah, with a closet would be pretty hard with 200 dresses, maybe if you had like, 70 or 80, you could keep it in a closet.

[Nick Loper]

Do you find yourself buying multiple sizes of the same style? Or is it like, I'm gonna buy one, I'm gonna see what the demand is like, and if it hits, then I'm going really wide. Like, I want the full catalog of this. Of this particular style. I want to be able to serve all different sizes.

[Summer Fisher]

Yeah, I definitely will buy all the sizes because generally the thing is that they will sell out. Like, I've had dresses that sell out within 20 minutes.

[Nick Loper]

Okay.

[Summer Fisher]

So I have to be on the drop. And then it's a matter of if I didn't get everything, then I have to try and pick it up in the resale market if it's, Yeah. A really popular style.

[Nick Loper]

And then the biggest risk is the demand doesn't materialize. Like, it doesn't end up renting out as often as you thought it would or for as much as you thought it would. And now you're kind of like, well, I'm sitting on this and I've got to go and try and unload it, try and resell it to recoup the initial investment.

[Summer Fisher]

Yeah, but that's why it's really important to try and get it. Get those coupons to, like, find things for 20% off, because then it's super easy just to offload it. Anyone will buy something that's sold out for 20. Like, if 10% off, even, like I said, then usually I can take. If that item hasn't rented, I can list it on ebay, and then I'll probably sell it to someone in the US or UK and probably make $200 profit on it. So the downside isn't too bad. Like, you would think that you'd be stuck with stuff, but the biggest downside is probably the damage to the dresses. And then obviously it becomes quite hard to sell them once they're very dam damaged.

[Nick Loper]

Oh, okay. So they come back damaged. Like, is there a damage deposit? Like, if I'm renting out a place on Airbnb, like, okay, I got to put down the security deposit or, you know, something like that.

[Summer Fisher]

You could definitely request security deposits and the platforms, like, allow you to request them, but you're going to severely hinder your rentals because people are just going to be like, no, I don't want to pay a deposit. You can if you want, but you won't be renting that many dresses, probably.

[Nick Loper]

Okay. And so it's just kind of, you know what happens if you get it back and be like, dude, there's a huge tear down the side. Like, did you expect me not to notice that? What do you. What do you want? Or are people more upfront and be like, oh, I'm so sorry. You know, I got it snagged on.

[Summer Fisher]

You get a bit of both. So you get, you do get people that are like, oh, I'm so sorry, like I broke the zip, I'll send you money. I've even had people put cash in with the dress, say, I'm so sorry, like, here's the money to fix the zip or whatever. So you do get some really good people, but then obviously special people who send it back and it looks like, you know, they've rolled around in the mud, jumped in the fire, howled at the moon. Like it looks really bad. Like it's just totally wrecked. And you're like, what? Like you try to. I did have a game on Instagram for a while with my followers, like, guess what happened in this dress? Because, like I'd show the stains and like it was really funny. But yeah, sometimes they just come back destroyed. And so I mean, if they're completely destroyed and the person is just ghosting me then. And that's where I'm basically self insured. So I just have to cop it on the chin. The platforms will follow up to a degree. They'll say, you know, can you pay? But ultimately they don't have to pay. Like I would have to, you know, file a police report or something to try and get them to pay. Or I think you could take it to small claims. I do see people, you know, those girls in their, in their 20s, they get on the Facebook groups and start ranting and saying that they're going to take things to small claims court and things like that. I just, just too old for that stuff. So I'm just like, whatever. And yeah, sometimes you can sell stuff with damage. You just disclose the damage. You say, look, the hem's torn, but you can easily, you know, get a seamstress to redo it. I did have a seamstress kind of on tap for a while that I was taking stuff to, but I think again, it's just like a time thing. It's just not really worth it for me.

[Nick Loper]

Okay. Yeah, it's kind of, at a certain point it just becomes, you know, a loss, you know, percent loss. Like stores expect some level of shoplifting, unfortunately, like, it's just exactly, it's a cost to do in business and hopefully you're diversified enough in terms of transaction volume that a couple bad things that happen are just kind of par for the course.

[Summer Fisher]

Yeah, exactly. It's exactly like shoplifting. That's how I always explain it. You've got to expect that some bad things happen, but for the most part it's pretty good.

[Host]

More with summer in just a moment, including when to exit out of a dress to sell it rather than keep renting it, and two ways to get.

[Nick Loper]

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[Host]

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[Nick Loper]

It's a lot to deal with, but.

[Host]

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[Nick Loper]

You hear that? That's the sound of your marketing working.

[Host]

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[Nick Loper]

Okay, like if you have something that's really hot, like oh, it's Been rented a bunch of times. Is there a rule of thumb? Okay, it's getting worn out. Like, I gotta resell it, or like, I have to. Let's ride this cash cow. Let's see how many more times we can rent it. Like, is there a metric or some sort of rule of thumb there for, like, when is it time to flip and get out? Get out before it gets too cold?

[Summer Fisher]

I think it just comes down to experience. I don't think there's, like, a spreadsheet where I could say, if it's read to 10 times, it will depend on the material. So certain materials will hold up better than others. So something that's silk probably doesn't hold up usually that well. As opposed to something that's like 100% linen will usually go quite well. You know, it will depend on how much it's fading and stuff. I think that a lot of the time, like, when I first started, I was really concerned about it looking pristine. And I think what I've come to realize is that people expect it to be secondhand. They know it's a secondhand dress. They know other people have worn it. So it doesn't really matter if, like, it's clearly been worn. Like, obviously they don't want a hole in it or whatever. But, like, yeah, the expectations aren't too bad, I think. I mean, you get the odd one who's like, like, this should be brand new. Why isn't this brand new? But, yeah, people do expect that it's been worn.

[Nick Loper]

Yeah, that's fair. It's like getting in a rental car or even vacation rental. Like, you know that other people have been in there. Okay, that's fair.

[Summer Fisher]

So when to flip it? I guess if. Yeah, if it just starts to look really tired and old, then I'll probably just flip it. It might come down to, like, just getting to the end of the season. So for us, it's quite busy from kind of September till April. And so maybe, you know, I would start getting rid of stuff towards April, May, June, and getting that cash in, ready to buy new stuff for the next season.

[Nick Loper]

The next year's. Okay.

[Summer Fisher]

So it could come down to cash flow or. Yeah, just demand. Like, I can see that. Yeah, people just. It's just not in demand and just becomes a math equation then. Like, obviously when you're buying a dress, you're buying cash flow, basically. So the dress, just like a house. The dress is the asset, and I'm buying the cash flow from the rental. And so I've got to kind of make a mathematical decision. Is the money best sitting in the dress or is it best moving it on and buying something that's kind of yielding a better rental?

[Nick Loper]

Yeah. I mean, what an interesting cash flowing asset. Something I never would have considered, but yeah. Here are these marketplaces that need people like you and like Summer to fill the inventory here. So that's super interesting. Do you ever get people, you know, you send it out, they rented this certain size and they're like, oh, shoot, it doesn't fit and the wedding's tomorrow. Like, sorry, I can't help you. Like, what happens?

[Summer Fisher]

Yeah, you definitely get that. People always think they're skinnier than they are. So it's always, usually it's too small. And yeah, sometimes people will hit you up and say, well, can I get a refund? And I'll be like, no, because you essentially did the whole rental. Like I posted it to you. Sometimes I will give them back the cleaning fee if they haven't worn it. I will say, like, if you return it unworn, I can refund you the cleaning fee. Just, you know, as a. For goodwill, I guess.

[Nick Loper]

Yeah.

[Summer Fisher]

But ultimately they have taken it out of the rental pool for that amount of time. So I do need to be compensated for that. A lot of people will try and be tricky and like, well, first of all, they'll ask you for a try on service. So they'll say, oh, I'll pay to just post it to me so I can try it on and then I'll, you know, I'll send it back. So they just want to pay for the post. They're like, oh, I want, I won't wear it. Which is a bit silly. And then sometimes people try and trick you into that. So they'll book a rental and then they'll try and do the, oh, it doesn't fit me. And I guess some newbies might be like, oh, that's okay, just post it back and we'll give you a full refund. And I guess with time you learn that you'd been taken advantage of a little bit.

[Nick Loper]

That's code for I'm gonna wear it all weekend and then tell you it didn't fit.

[Summer Fisher]

Exactly.

[Nick Loper]

Yeah. Yeah. So so many ins and outs in this industry. Yeah, it's kind of crazy. So I'm picturing a day in the life, especially during busy season, checking inventory levels, like managing the in and out of receiving stuff in, taking it to the cleaners, dry cleaning it, ironing, and then sending out kind of the next weekend's batch of inventory. Like anything else that's going into it on a day to day basis. It sounds like on the marketing side it's primarily just putting your buy button up for sale on these existing marketplaces. Like, like, you know, tapping into their traffic.

[Summer Fisher]

Yeah, the listings are like so easy. So much easier than like ebay, like an ebay listing for reselling is. There's a lot of thought. I've even created a chatgpt bot to like do my ebay listings really well. Like there's a lot that goes into it with the renting. It's not like that. I just kind of chuck up whatever is on the website and it takes like two seconds. So yeah, like a day in the life is basically the postman comes and drops off packages at my door at about 8 o'clock in the morning and then I just bring them inside so no one will steal them. And then I can put the stuff in the washing machine.

[Nick Loper]

How funny do you think they're like, man, this woman gets a lot of mail. What's going on here?

[Summer Fisher]

Yeah, they're like, whoa. Because I have the stuff for reselling coming too, so I get a lot of packages. But yeah, the postie and I are on good terms. He knows where the side gate is if the big gate's closed. So yeah, he just comes and drops it off and I just will open up the packages and then and put whatever needs to be put in the washing machine and then, you know, section out what needs to go. The dry cleaner. And that's pretty much it in the mornings. And then I'll just maybe at about 3 o'clock I'll start packaging up. It takes me maybe an hour to do seven or eight dresses if I need to do that many and take them to the post office around the corner. I actually could have the postie come and pick it up, but we just take it to our post office and then that's it. Drop the other stuff off at the dry cleaner. Yeah, it's not time intensive. It's not a time intensive. It's more of a capital intensive business, I would say. But there are ways to. You can start with no money down, which is something that I teach to my students. So basically if you want to get started, the two ways you can get started without putting a lot of money into inventory is you can work on a consignment model. So you can go to all your friends and family and say, who's got dresses they want me to rent?

[Nick Loper]

Oh yeah, yeah, yeah, yeah, I like it.

[Summer Fisher]

Yeah, you could get started that way. Or the other way is, and this might be a bit controversial, but you can buy things on say if you're in the us you could buy things on somewhere like revolve that have, you know, change of mind return policies and you could see it put it up for rent, see if it rents. If it doesn't rent, you send it back and before you have to pay your credit card and then you can get a feel for what rents. And at least then if you have gotten that piece that rents, you've already recouped, you know, a third of your investment straight off the bat before you actually had to pay any money out.

[Nick Loper]

Okay. And I imagine a lot of stores have that similar. Even if it's a 30 day return policy, it's kind of, again, it gives you a low risk way to validate the demand or test the demand. I don't know.

[Summer Fisher]

Yeah. Or if you just want to try it out.

[Nick Loper]

Yeah, that's fair. Well, you've got the rental business, you've got the profit collective, you've got the reselling business. What's next for you? What are you excited about this year?

[Summer Fisher]

So I put out courses on the reselling. So I have a course called Pre Love for Profit and then I have the course on the rentals called Rental Riches. And that's kind of like blowing up to the point where I actually closed my model agency after 15 years at the end of June because I just. It just kind of blew up pretty big. So yeah, I'm just going to keep teaching women how to do what I'm doing, basically. Or men if they want to learn.

[Nick Loper]

I never asked like, is there a market for like I'm going to rent out a suit or like men who would be the equivalent on the men's side?

[Summer Fisher]

I think there would be like, you can definitely, even with the women's, you can rent out jackets or coats and things like that. It's not a massive market in Australia because it's just too hot here. But basically.

[Nick Loper]

Okay. Okay.

[Summer Fisher]

There's not many parts of the country that are like cold enough for coats all the time like there is elsewhere. But I'm sure that you probably could do things with men's stuff. I don't know. Are you gonna do it, Nick? Are you gonna put your clothes up?

[Nick Loper]

I love this idea of getting paid over and over again from something that you do once. I could not start in my closet because it's been a decade since I've gotten any new clothes. But it's such an Interesting one. And it's like, if you're gonna go after the men's market, maybe you're gonna be a big player if no existing supply base there. Whereas, ah, there's more people doing it on the, on the dress rental side, it's more established, it's more of a thing.

[Summer Fisher]

It's really interesting to think about it as like an asset class in general because people might think that I'm crazy because I did put a hundred grand into dresses like in that first year. People were like, what are you doing? Like, and I said, well, but it's an, it's an asset that I can resell afterwards for the same price I paid for it, if not more. And it's giving me cashflow in between for pretty, you know, a low amount of work. So I think it's really, really interesting to think about. And something I've been talking about on Instagram a lot this week with my followers was like how you could, you know, in Australia it's all about, oh, no one can afford to buy a house. You know, houses are so expensive here and people, you know, might be able to save say 30 grand for a house deposit, but that's not enough for a house deposit. You need 200 grand here because like the average house price is a million dollars now. And I was like, well, what if you, you know, took that 30 grand, invested it into some dresses, took that rental income and then the reselling income over a course of two years and you could turn it into 200 grand quite easily. So it's something to think about.

[Nick Loper]

Yeah, dresses as an asset class, like you said, it is capital intensive but you've kind of protected your downside like, oh, I'm hopefully going to cash flow in the near term and if I bought well enough upfront, I can recoup sometimes even better than my acquisition cost on the back end, despite the wear and tear and depreciation. It's really interesting. Something that we'd never, when your email came across, it's like, what a random. So yeah, I get a kick out of businesses like this for, for sure. So follow along. Summer is heprofitcollective. You can find her on Instagram over there. And if you hit up theprofitcollective co rookie, you can join her free masterclass on the three biggest mistakes that newbies are making when starting a pre loved clothing business. Again, theprofitcollective co Rookie for that summer. This has been awesome. Thank you for joining me. I always get a kick outta Stuff.

[Summer Fisher]

Like this, no problem.

[Nick Loper]

Let's wrap this thing up with your number one tip for Side Hustle Nation.

[Summer Fisher]

If you think you can or you think you can't, you're right. So I get a lot of people say that they all the reasons they can't start their side hustle. So they can't start their side hustle because of where they live or, you know, how much money they have or something like that. And whether they think they can or they can't, they're right. Because I had a girl who messaged me just yesterday actually, and she said, I would love to do what you do, but I live in Italy and it's a really small market here. And I so I looked up the population of Australia and Italy and I said, actually you have double the population of Australia, so that's not an excuse. So I think a lot smaller geographically. Yeah, yeah. I'm like, so that can't be an excuse. So a lot of people think that, you know, that I'm special because I live in Australia or because I had a model agency and I have a background in fashion and all these things. But I think that all these things can be learned. And yeah, you just have to have the right attitude that you can make it work for.

[Nick Loper]

Yeah, what an interesting business. Whether you think you can or you think you can't, you are right. A little Henry Ford wisdom from that, which was my one and only corporate job working for Ford, obviously long, long after Henry passed. But whether you think you can or think you can't, you are right. Make sure to grab your free listener only bonus for this week. We've been talking about dresses, but it's just one of a lot of different things that you can rent out for a profit. So the listener bonus 25 other unconventional rental ideas that you might be able to borrow some of Summer's playbook for. And a lot of these different assets and products already have these pre existing marketplaces that you can tap into. They've already kind of validated the demand and gotten people used to saying, well, hey, this is something that I don't have to buy outright. This is something I can rent for just the time period that I need it. So make sure to grab that. It's a free PDF download at the show. Notes for this episode you can find follow the link in the episode description and it'll get you right over there. Now, another recent rental episode that we did, another example of this was Gary Greywell's moving box rental service. Like renting out plastic bins Definitely an interesting one. Episode635 he ended up partnering with a local moving company to handle the storage and the delivery logistics. It's like, oh, it's going to take up a lot of space If I got 50 or 100 of these things. So you don't have to scroll too far in the archives to find that one again. 635 and then another one from a year, year and a half ago. 564 with Lenny Timm on his mobility scooter rental business. He's doing this in LA and I think he had a fleet of six or seven of these and he would deliver them to nearby hotels. Like mostly for, you know, people, travelers, tourists, people coming into LA from out of town. Like it doesn't make sense to bring my own mobility scooter. So I got to rent one while, while I'm in town. And he was making a few grand a month doing that on the side. So lots of different things that you might, you might be able to rent out and you start to notice these things as you're going about your day to day and wow, like oh what, you know, what are those things that are maybe a little more expensive than you'd like to pay, you know, for something. How many times am I really going to use that thing? And dresses can check that box for those weddings or those one off events. But summer. Thanks so much for sharing your insight. Big thanks to our sponsors for helping make this content free for everyone. You can hit up Sidehustlenation.com deals for all the latest offers from our sponsors in one place. Thank you for supporting the advertisers that support the show. That is it for me. Thank you so much for tuning in. If you're finding value in the show, the greatest compliment is to share it with a friend. So fire off a text message to that fashionable friend of yours and say, hey, have you ever thought about this? Check this one out. Until next time, let's go out there and make something happen and I'll catch you in the next edition of the side Hustle Show. Hustle on.